JPMorgan Investment Management buys Metropolitan for $94.5M

CHARLOTTE — The Metropolitan, a hulking, mixed-use project that features condominiums, stores and restaurants in Charlotte’s Midtown area, has a new, out-of-state owner.

New York-based PMorgan Investment Management paid $94.5 million to buy the Metropolitan — in a deal that closed Friday — from Charlotte-based Pappas Properties and Birmingham, Ala.-based Colonial Property Trust.

Pappas and Colonial developed the roughly 340,000-square-foot Metropolitan, one of the most prominent landmarks in Midtown, at Charlottetowne Avenue and South Kings Drive.

The Metropolitan comprises 171,929 square feet of retail space — Best Buy, Marshalls, Staples and Trader Joe’s are among the tenants — and a 10-story, 170,402-square-foot building that houses offices for New Dominion Bank, AON and Carolinas HealthCare System, according to CBRE, which represented Pappas and Colonial in the sale.

JPMorgan Asset Management Global Real Assets, based in New York, advised the buyer, according to Charlotte Powell, spokeswoman for JPMorgan Asset.